I believe that Australian investors are spoilt for choice when it comes to growth shares. Whilst the ASX has countless companies delivering explosive growth, in my opinion some are better than others.
Listed below are seven growth shares which I believe are worth taking a closer look at today. Here's why:
Ardent Leisure Group (ASX: AAD)
Although best known as the operator of the embattled Dreamworld theme park, I would look beyond its struggles to focus on the amazing opportunity it has in the United States with its Main Event family entertainment centres. Management believes these highly profitable centres have a large runway for growth. So much so the company's name will soon change to Main Event Entertainment.
Appen Ltd (ASX: APX)
I believe this leading provider of high-quality language data and services to major technology companies, automakers, and government agencies has a very bright future. Amongst other things, the company enables its customers to adapt their products and services appropriately to set themselves up for success in global markets.
Bionomics Ltd (ASX: BNO)
This biopharmaceutical company had a reasonably mixed couple of years, but certainly looks to be on the right path now. I believe Bionomics' development pipeline has the potential to transform this small-cap company into a much bigger player in the industry. Especially if its anxiety drug, BNC210, is a success. The anxiety treatment market is forecast to be worth up to US$18 billion a year by 2020.
BWX Ltd (ASX: BWX)
If the company's Sukin skincare brand can replicate the success it has had domestically in the UK market, then I believe there will be considerable growth ahead for BWX. Late last year the brand was rolled out across the Boots pharmacy network and I'm optimistic that the vegan-friendly skincare products will go down well with UK consumers.
Catapult Group International Ltd (ASX: CAT)
Shareholders of this fast-growing sports analytics company have had a rollercoaster of a ride in recent times. Although its share price is up 37% in the last 12 months, it is still around 38% lower than its 52-week high. I believe this is a great entry point for patient buy and hold investors that don't mind a spot of volatility.
Galaxy Resources Limited (ASX: GXY)
I believe this leading lithium miner is one of the best options investors have to gain exposure to the lithium boom, especially with its high-quality mine and low costs. Despite increasing its production, the company still can't pull lithium carbonate out of the ground quick enough to satisfy demand. If prices remain high then Galaxy stands to make bumper profits for years to come.
Smart Parking Ltd (ASX: SPZ)
Smart Parking provides a number of services for car parks including digital display signage and high-intensity LED lighting that guides drivers to available spaces. Currently it has over 120,000 car park spaces under management in the United Kingdom and a total of 190 car parks under management worldwide. The company has experienced increasingly strong demand for its products and services and I expect this to continue to be the case for the foreseeable future.
